MIRA
INFORM REPORT
|
Report Date : |
30.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
HONEYWELL TURBO TECHNOLOGIES [INDIA] PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No. 4A, Raisoni Industrial Estate, Phase II, Hinjewadi, Taluka Mulshi,
Village Mann, Pune – 411057, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
03.11.2004 |
|
|
|
|
Com. Reg. No.: |
19904 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29299PN2004PTC019904 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEH04792E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCH5035J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers, Exporters, Importer and Traders of Turbochargers and
Exhaust Gas Coolers. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
Maximum Credit Limit : |
|
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and established company having moderate track. Company’s profitability is under severe
pressure. It has some accumulated
losses. Payments are reported as slow
but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions, with slight caution initially. |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. 4A, Raisoni Industrial Estate, Phase II, Hinjewadi, Taluka
Mulshi, Village Mann, Pune – 411057, Maharashtra, India |
|
E-Mail : |
|
|
Website : |
http://www.honeywell.com |
|
|
|
|
Office : |
Sakar 10, 1st Floor, 33 Sasoon Road, Village Kesnand, Pune
– 411001, Maharashtra, India |
|
Tel. No.: |
91-20-56048573 |
|
Fax No.: |
91-20-56032863 |
|
|
|
|
Branches : |
Located at : Bangalore, Chennai and Gurgaon |
DIRECTORS
|
Name : |
Mr. Raman Sharma |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ashwani Gupta |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Vinit Maheshwari |
|
Designation : |
Secretary |
|
Address : |
“Sanchay”, G – 39, M.I.G. Colony, Indore – 452011, Madhya Pradesh |
|
Date of Birth/Age : |
06.05.1978 |
|
Date of Appointment : |
01.08.2006 |
|
DIN / PAN No. : |
AGLPM1570C |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Foreign Holdings [Foreign Institutional Investors, Foreign Companies,
Foreign Financial Institutions, Non-resident Indians or Overseas Corporate
Bodies or Others |
|
99.87 |
|
Directors or relatives of directors |
|
0.13 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Exporters, Importer and Traders of Turbochargers and
Exhaust Gas Coolers. |
|
|
|
|
Brand Names : |
Honeywell |
GENERAL
INFORMATION
|
No. of Employees : |
|
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
Price Waterhouse House, Veer Sawarkar Marg, Shivaji Park, Dadar,
Mumbai – 400028, Maharashtra, India |
|
PAN No.: |
AADFP9359C |
|
|
|
|
Holding Company : |
Honeywell Technologies Sarl Switzerland |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2970000 |
Equity Shares |
Rs. 10/- each |
Rs. 29.700
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
29.700 |
29.365 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
[99.565] |
[16.482] |
|
|
NETWORTH |
|
[69.865] |
12.883 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
385.647 |
88.441 |
|
|
TOTAL BORROWING |
|
385.647 |
88.441 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
315.782 |
101.324 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
319.520 |
32.547 |
|
|
Capital work-in-progress |
|
6.013 |
52.371 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.981 |
0.000 |
|
|
Sundry Debtors |
|
5.807 |
0.000 |
|
|
Cash & Bank Balances |
|
1.629 |
19.913 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
22.091 |
2.971 |
|
Total
Current Assets |
|
30.508 |
22.884 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
40.148 |
10.148 |
|
|
Provisions |
|
0.111 |
0.352 |
|
Total
Current Liabilities |
|
40.259 |
10.500 |
|
|
Net Current Assets |
|
[9.751] |
12.384 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
4.022 |
|
|
|
|
|
|
|
|
TOTAL |
|
315.782 |
101.324 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
[6.09] |
7.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.75 |
2.17 |
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS
Honeywell in India
Honeywell’s presence in India dates back to many decades and currently
the Honeywell businesses are headquartered across four major locations in India
– Pune, Bangalore, Chennai and Gurgaon, employing over 7500 people. Honeywell’s
business presence in India is approximately USD 500 million and growing at an
impressive rate. The Superbrands Council of India has recognized Honeywell as a
“Business Superbrand”.
Honeywell Automation India Limited (HAIL) is a listed
company on the Bombay Stock Exchange (BSE) and is headquartered in Pune. HAIL
businesses span across automation and control solutions for industrial and
commercial sectors, building management and products in the automation and
security space. The business has grown at an impressive 26% year on year for
the last 3 years.
In Gurgaon, Honeywell has teams supporting the Aerospace, Specialty Materials
and Life Safety business groups. A newly established call centre is engaged in
providing customer support to the Automation and Control Solutions business in
the US. The Life Safety business has been the market leader for several years
now. Commercial and Defense Aerospace are poised to take off in a big way,
given India's present thrust on the aviation sector.
Honeywell Technology Solutions Lab in Bangalore
started operations as an offshore development centre. Today, it provides
Product Solutions & Analytics, New Product Introduction, Advanced Research
and Technology and IT & Business Process Solutions support to Honeywell
businesses across the globe. Easily one of the bigger R & D outfits (in the
top 10) established by multi-national corporations in India, it is a SEI CMMI
Level 5 company and has filed more than 50 patents so far. Recently, HTSL has
earned the recognition as one of the Top 10 Great Places to work in India (in a
survey conducted by Business World). It also has a campus in Madurai.
Honeywell Turbo Technologies has a state-of-the-art
manufacturing plant in Hingewadi, Pune and will be the first company in India
to manufacture VNT™ turbochargers. Honeywell’s VNT™ turbochargers, when used on
engines with common rail direct injection technology can improve fuel economy
by up to 20%, boosting fuel economy, increase low speed engine boost and reduce
emissions.
Honeywell ED&S (formerly Novar India) has manufacturing facilities in
Chennai is a market leader in electrical devices and switches.
Honeywell Turbo Tech India to make turbochargers
Bureau
Pune , Nov. 15
THE Pune-based Honeywell Turbo Technologies India Private Limited, a
wholly owned subsidiary of the $2.4-billion Honeywell Turbo Technologies,
announced on Tuesday that it would start manufacture of a range of
turbochargers to cater to the growing demand in the country's passenger and
utility vehicle segments.
The company said the parent company will procure components from India
worth $100 million in three to four years and also use the Indian operations,
based at Hingewadi in Pune, to tap the export markets in Asia and Europe.
Mr Sanjay Sondhi, Managing Director, said the company will manufacture
Honeywell's variable nozzle turbochargers for the first time in India and will
initially manufacture turbochargers for Tata Motor's 1.4 and 2.2 litre engines.
The company has invested $10 million to set up the facilities which will
initially manufacture 1,25,000 turbo chargers and eventually have the capacity
to manufacture up to 0. 500 million units.
Turbo chargers help vehicle users get better power, lower emissions and
better fuel efficiencies. Tighter emission control norms coupled with
increasing acceptance of diesel engines among vehicle owners is fuelling the
Indian market for turbo chargers, which is estimated at 0.400 million units
this year. It is expected to grow at 25 per cent over the next three to four
years. While 50 per cent of the vehicles on European roads are diesel powered,
the Indian market is expected to touch the 35-50 per cent level in the next
three to four years.
Mr Sondhi said the company is to kick off commercial production of turbo
chargers for the 1.4-litre engine this month while that for the 2.2-litre
engine will go into commercial production in the first quarter of next year.
The company's export plans will take off next year, said Mr Sondhi. He
said the company has at least one European customer lined up through its parent
company.
Meanwhile, Honeywell Turbo Technologies has drawn up other plans for
India and will place orders for components worth $20 million next year.
"They expect to place orders in India to supply machined and cast
components and those requiring precision machining, among other things, worth
$100 million in three to four years," Mr Sondhi said.
The company is also in negotiations with manufacturers of heavy
commercial vehicles and has in its portfolio products for industrial and off-road
applications, said Mr Sondhi. He said it will also tap the after or replacement
market for turbochargers.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.59 |
|
UK Pound |
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.58.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
20 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|